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A06005 Summary:

BILL NOA06005
 
SAME ASNo Same As
 
SPONSORFitzpatrick (MS)
 
COSPNSRGiglio JM
 
MLTSPNSRManktelow
 
Amd §606, Tax L
 
Establishes a college student expense personal income tax credit for a taxpayer or his or her dependents who are enrolled full-time in an undergraduate college, equal to the amount paid for new and used required textbooks and laptop computers not to exceed one thousand dollars.
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A06005 Actions:

BILL NOA06005
 
03/30/2023referred to ways and means
01/03/2024referred to ways and means
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A06005 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A6005
 
SPONSOR: Fitzpatrick (MS)
  TITLE OF BILL: An act to amend the tax law, in relation to establishing a college student expense personal income tax credit   PURPOSE OR GENERAL IDEA OF BILL: To provide full-time undergrad New York residents a refundable personal income tax credit worth up to $1,000 for college expenses that include new and used required textbooks and laptop computers.   SUMMARY OF PROVISIONS: Section 1 adds a new subsection (000)to section 606 of the tax law which provides New York State residents with a College Student Expense refund- able personal income tax credit worth up to $1,000 for college expenses that include new and used required textbooks and laptop computers. Section 2 makes this act effective immediately.   DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE).ct.   JUSTIFICATION: High college costs are a concern for both students and parents alike, and are a burden made worse by New York State's high taxes. A tax credit that helps lower this cost encourages families to stay in New York State while being a platform for them to envision various ways to afford college. Higher education for today's youth is important for the future vitality and strength of the New York State economy and solid family life.   PRIOR LEGISLATIVE HISTORY: 2022 - A5669 - Referred to Ways and Means 2020 - A5862 - Held in Ways and Means 2018 - A7325 - Held in Ways and Means 2016 - A2976 - Held in Ways and Means 2014 - A3318 - Held in Ways and Means 2008 - A9595 - Held in Ways and Means 2009 - A2794 - Held in Ways and Means 2010 - A2795 - Held in Ways and Means 2012 - A2578 - Died in Ways and Means   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: To be determined.   EFFECTIVE DATE: This act shall take effect immediately.
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A06005 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6005
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 30, 2023
                                       ___________
 
        Introduced  by  M. of A. FITZPATRICK, J. M. GIGLIO -- Multi-Sponsored by
          -- M. of A.  MANKTELOW -- read once and referred to the  Committee  on
          Ways and Means
 
        AN  ACT  to  amend  the  tax  law, in relation to establishing a college
          student expense personal income tax credit

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (ooo) to read as follows:
     3    (ooo) College student  expense.  (1)  General.  A  taxpayer  shall  be
     4  allowed  a  credit  against  the  tax imposed by this article, where the
     5  taxpayer is a New York state resident and he  or  she,  or  his  or  her
     6  dependents, are enrolled full-time in an undergraduate college.
     7    (2)  Amount  of  credit.  The  amount of the credit authorized by this
     8  subsection shall be the taxpayer's expenses for new  and  used  required
     9  textbooks  and laptop computers, in an amount not to exceed one thousand
    10  dollars.
    11    (3) Refundability. If the amount of  the  credit  allowed  under  this
    12  subsection for any taxable year shall exceed the taxpayer's tax for such
    13  year,  the  excess  shall  be  treated  as  an  overpayment of tax to be
    14  refunded in accordance with the provisions of section six hundred eight-
    15  y-six of this article, provided, however, that no interest shall be paid
    16  thereon.
    17    (4) Definition. "Dependents" shall have the same meaning as defined in
    18  section one hundred fifty-two of  the  United  States  Internal  Revenue
    19  Code.
    20    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08540-01-3
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